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Angelo Lemay borrowed $8000 from his credit union. He agreed to repay the loan by making equal monthly payments for five years. Interest is 9% compounded monthly. Complete parts (a) though (f). (a) What is the size of the monthly payments? The size of a monthly payment is $ 166.07. (Do not round until the final answer. Then round to the nearest cent as needed.) (b) How much will the loan cost him? The cost of the loan is $ 1964.20. (Round to the nearest cent as needed.) (c) How much will Angelo owe after eighteen months? The amount owed after eighteen months is $ 5,964. (Round to the nearest cent as needed.) (d) How much interest will he pay in his 36th payment? The interest in the 36th payment is $28.30. (Round to the nearest cent as needed.) (e) How much of the principal will be repaid by the 48th payment? The amount of the principal repaid by the 48th payment is $ (Round to the nearest cent as needed.) C

Angelo Lemay borrowed $8000 from his credit union. He agreed to repay the loan by making equal monthly payments for five years. Interest is 9% compounded monthly. Complete parts (a) though (f). (a) What is the size of the monthly payments? The size of a monthly payment is $ 166.07. (Do not round until the final answer. Then round to the nearest cent as needed.) (b) How much will the loan cost him? The cost of the loan is $ 1964.20. (Round to the nearest cent as needed.) (c) How much will Angelo owe after eighteen months? The amount owed after eighteen months is $ 5,964. (Round to the nearest cent as needed.) (d) How much interest will he pay in his 36th payment? The interest in the 36th payment is $28.30. (Round to the nearest cent as needed.) (e) How much of the principal will be repaid by the 48th payment? The amount of the principal repaid by the 48th payment is $ (Round to the nearest cent as needed.) C

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Question B answer is 9964.2, not 1964.2. Please help me with question E.

Angelo Lemay borrowed $8000 from his credit union. He agreed to repay the loan by making equal monthly payments for five years. Interest is 9% compounded monthly. Complete parts (a) though (f). (a) What is the size of the monthly payments? The size of a monthly payment is $ 166.07. (Do not round until the final answer. Then round to the nearest cent as needed.) (b) How much will the loan cost him? The cost of the loan is $ 1964.20. (Round to the nearest cent as needed.) (c) How much will Angelo owe after eighteen months? The amount owed after eighteen months is $ 5,964 . (Round to the nearest cent as needed.) (d) How much interest will he pay in his 36th payment? The interest in the 36th payment is $28.30. (Round to the nearest cent as needed.) (e) How much of the principal will be repaid by the 48th payment? The amount of the principal repaid by the 48th payment is $ (Round to the nearest cent as needed.)
Transcribed Image Text:Angelo Lemay borrowed $8000 from his credit union. He agreed to repay the loan by making equal monthly payments for five years. Interest is 9% compounded monthly. Complete parts (a) though (f). (a) What is the size of the monthly payments? The size of a monthly payment is $ 166.07. (Do not round until the final answer. Then round to the nearest cent as needed.) (b) How much will the loan cost him? The cost of the loan is $ 1964.20. (Round to the nearest cent as needed.) (c) How much will Angelo owe after eighteen months? The amount owed after eighteen months is $ 5,964 . (Round to the nearest cent as needed.) (d) How much interest will he pay in his 36th payment? The interest in the 36th payment is $28.30. (Round to the nearest cent as needed.) (e) How much of the principal will be repaid by the 48th payment? The amount of the principal repaid by the 48th payment is $ (Round to the nearest cent as needed.)
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